In a previous Ethereum analysis Ethereum Bearish Target Smashed! Can This $1,715 Key Level Hold? we talked about a potential bullish rally in the ETH price after the price crashed to the $1,715 key support level in the 4-hour timeframe.
This bullish rally is playing out exactly as we predicted. However, does this mean the larger Ethereum bearish trend is over?
In this Ethereum analysis, we will be breaking down what we think might happen next in the Ethereum price chart as well as the key levels we are watching.
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Ethereum Trading At Critical Level
Ethereum is still in a bearish trend on the higher timeframe. However, we are seeing the Altcoin bounce on support for now.
This support is the $1,715 key level and it is a very critical level for the Ethereum trend because if it continues to hold, we might see more bullish buying power come back into the market in the coming days.
This $1,715 key support is also very important for the Ethereum price chat because this was where we saw the previous ETH bull run to the $4,879 ATHs originate.
Is it possible for us to see a repetition of this bullish rally in the coming days?
Key Levels To Watch For
For now, our eyes are still mainly on the $1,715 support. As far as the ETH bulls can hold on to this key level in the 4-hour timeframe, then the Ethereum bulls have a fighting chance to continue to push prices higher.
However, if this $1,715 key support fails, Ethereum is doomed to continue trending lower for the foreseeable future.
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